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" Building product is not about having a large team to manage. It is about having a small team with the right people on it. "
Fred Wilson
Team
Building
People
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" Blog-based businesses have lower cost structures and are more 'authentic,' and as a result are drawing larger shares of ad budgets. "
Fred Wilson
Drawing
More
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" Start-ups should be hunch-driven early on and data-driven as they scale. "
Fred Wilson
Scale
Early
Should
" I'm not saying M.B.A.s can't be great entrepreneurs. They can. But you don't need a degree to figure out it's costing you $5,000 per month to run your business, so you need $30,000 to keep it going for six more months. "
Fred Wilson
Run
Business
Need
" One of the great things about young entrepreneurs is that they don't know that something can't be done. So they try something that's so audacious and usually end up pulling it off. "
Fred Wilson
Up
Done
End
" My venture investing career has three phases, all roughly 6-8 years long. The first, at Euclid, was software to Internet. The second, at Flatiron, was Internet to bubble. And the third, at USV, has been web 2 to mobile. I have always used a new firm to denote a new investment phase for me. Throw away the old. Start with the new. "
Fred Wilson
Career
Start
Me
" Board meetings should not be for the benefit of the board. They should be for the benefit of the CEO and the senior team. "
Fred Wilson
CEO
Senior
Team
" It takes great salesmanship to convince a customer to buy something from you that isn't built or isn't finished. "
Fred Wilson
Buy
You
Great
" Internet and mobile product development cycles are measured in months, not years. And the capital required to get a product built and into the market is less than $1 million. And the returns, when things work out, can be enormous. "
Fred Wilson
Internet
Work
Development
" The venture business is a bit of an apprenticeship business, so the firm I worked for didn't let me make an investment until I was 30. That was probably a very smart thing. "
Fred Wilson
Smart
Me
Business
" If you have a native monetization system where the atomic unit of content is the ad unit, that scales down all the way to a small screen experience. That's why Twitter is performing so well on mobile. "
Fred Wilson
Content
Down
Experience
" The best talent in the venture industry doesn't work in large companies and won't work in large companies. "
Fred Wilson
Industry
Work
Best
" I'm a free speech bigot. I don't like censorship; I just don't think it's a good thing. "
Fred Wilson
Free
Think
Speech
" There is a difference between hiring a CEO and turning over control of the business. "
Fred Wilson
Control
Over
Difference
" I believe Android will be stronger in the developing world than it is in the developed world. "
Fred Wilson
I Believe
World
Stronger
" The companies that do the best job on managing a user's privacy will be the companies that ultimately are the most successful. "
Fred Wilson
Job
Privacy
Best
" When my dad was in Vietnam, we lost a parent for a year. Thank God we didn't lose a parent for good. "
Fred Wilson
Lose
Thank God
Parent
" Twitter wasn't planned. It just happened. "
Fred Wilson
Planned
Just
Happened
" Certainly anything that is news or opinion needs to be free on the Web, because the Web is this very fluid medium that is very much driven by links and the flow of visitors through a discussion via links. "
Fred Wilson
Free
News
Opinion
" I generally blog between 5:30 A.M. and 7 A.M. I will from time to time add something during the day, but for the most part blogging is an early morning activity for me. "
Fred Wilson
Time
Will
Early
" Games are the most social of all things on the web. "
Fred Wilson
Games
Web
Social
" The most common way customer financing is done is you sell the customer on the product before you've built it or before you've finished it. The customer puts up the money to build the product or finish the product and becomes your first customer. Usually the customer simply wants the product and nothing more. "
Fred Wilson
Customer
You
Way
" Investing in management means building communication systems, business processes, feedback, and routines that let you scale the business and team as efficiently as possible. "
Fred Wilson
Building
Team
Communication
" Many artists stick to making and hire a manager to focus on their business. Artists that build websites and mobile apps can do that, too. "
Fred Wilson
Stick
Business
Focus
" When I see people laughing at ideas and companies we have backed, I smile. It means we are going to make a lot of money on that investment. "
Fred Wilson
Smile
People
Money
" Skyping with your spouse works well enough, but apparently it is hard to get the kids to hang out on Skype for long. "
Fred Wilson
Long
Hang
Enough
" Facebook, Twitter, and Tumblr are all 'User First, Brands Second' services. The brands are all over these services now. But for the most part, these services didn't do much to bring them. The engaged users did. "
Fred Wilson
Over
Now
Most
" I think 'crazy' is a compliment. I think you make money with people who are crazy. "
Fred Wilson
Think
People
Money
" Venture capitalists are professional money managers. We are provided capital to invest as long as we can return it to our investors with a strong return in a reasonable amount of time. A strong return is three times cash on cash. A reasonable amount of time is ten years max. "
Fred Wilson
Strong
Long
Money
" People already love to play casual games. But when you take a casual game and stick it inside a social network, it becomes way more exciting. "
Fred Wilson
Game
Way
You
" So many folks in the venture capital business are sheep that just want to follow the herd. They are momentum investors purchasing highly illiquid investments. That is a recipe for disaster. "
Fred Wilson
Business
Want
Sheep